I'll be using whatever software that comes with the HD PVR 2. I don't know how I'm going to connect it yet, but it will be recording the output of an an xbox360 running Media Center. I'll either be using Component with optical digital audio or using HDMI. (The xbox360 is set up as a media center extender.) My main MediaCenter does have multiple cable card tuners in it.
I'm also planning on using CBR at the maximum bitrate that the HD PVR 2 supports. I'll re-encode it later to VBR when I edit the files.